China's flagship retirement fund has selected the domestic asset managers to run the equity portion of the new Public Pension Fund scheme, reports state media.
Investments under China's new Public Pension Fund scheme will be more conservative than those of the National Council for Social Security Fund, says NCSSF chairman Lou Jiwei.
The public pension fund scheme is set to see its investment scope widened to include private and foreign markets, as asset managers are about to receive their first equity allocations.
Lou Jiwei, previously China’s finance minister and former chair of China Investment Corporation, has another big job ahead of him – at the National Council for Social Security Fund.
Eligible asset managers must submit applications by October 31 under the new public pension fund scheme, with the chosen firms to be announced by the end of the year.
Mainland provinces are set to sign contracts with the National Council for Social Security Fund, which will hand portfolios to firms approved to run public pension fund assets by late December.